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Oil headed for a small annual loss after months locked in a narrow trading range, with the market facing the prospect of a turbulent year ahead.
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West Texas Intermediate futures held above $71 after rising 0.6% on Monday, while Brent closed near $74. Donald Trump’s second presidential term, ongoing hostilities in the Middle East and Ukraine, and China’s persistent demand weakness are expected to impact oil prices in 2025.
Crude had a strong start to 2024 but has been stuck in a tight trading range since mid-October. There are widespread expectations that the market will be oversupplied next year, which will make it harder for OPEC and its allies to revive idled production.
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